Cimic’s AUD 4.6 Billion in Announced 1H2017 Contract Wins Looks on Track
We increase our fair value estimate for no-moat Cimic by 5% to AUD 25 per share due to the time value of money. We continue to project five-year cumulative annual EBITDA growth of 6% to AUD 1.5 billion by 2021, underpinned substantially by government infrastructure spending. Of the AUD 4.6 billion in announced first-half 2017 new or extended contracts, more than half were for government infrastructure, including June’s win of the AUD 2.8 billion Metro Railway twin crossings under Sydney Harbour....CIMIC Group is a construction company and the contract miner. Co. provides construction, mining, engineering, public-private partnerships (PPP), and operation and maintenance services to the infrastructure, resources and property markets. Co. comprises the following main segments: construction, contract mining, PPP, engineering, Habtoor Leighton Group, and commercial and residential. Co. delivers its services through several companies: CPB Contractors Pty Ltd, Leighton Asia Limited, Thiess Pty Ltd, Pacific Partnerships, and EIC Activities Pty Ltd. Co. operates across the Australia Pacific, Asia, Middle East and Americas regions in the infrastructure, resources and property markets.
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